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What is and what is the proposal?
The BABB proposal, as stated in the official website is to be
A decentralized banking platform that leverages blockchain and biometrics technologies to offer everyone in the world access to a bank account in UK for peer-to-peer banking
In short, the idea is to enable anyone with a smartphone and internet access to offer banking services to anyone connected to the BABB network, relying on the pillars of blockchain, biometrics and artificial intelligence.
BABB's plan is to offer, in principle, the following services:
- The possibility of acquiring cash loans by anyone who is in the close region and being offered by anyone connected on the network, or carry out currency exchange transactions, as well as raising funds for projects,
- Issue the Black cards, which will be linked to the BABB account, and independent of the main credit card issuers such as VISA and Mastercard
- The users themselves would provide an "approval" (KYC) to the BABB banking system for other users
That is, the ambitious project of BABB is that all services offered by banks can be offered by anyone connected to the network, with a focus on micropayments and microcredit.
BABB presents a very solid team with its members presenting considerable experience in financial and technology services.
The BABB token is built on the Ethereum platform, and is an ERC20 token.
I found the github page of the project, which means that at least the token code is open-source.
The BAX token sale happened in February 2018.
The launch of the BABB application is planned for November 2018.
Because it is an ERC20 token, transactions will be processed through the Ethereum blockchain.
I have not located any information if BABB plans to launch a blockchain of its own.
Currently 2 billion people (40% of the world population) do not have access to banks.
By combining social connectivity with bank accessibility (social bank), we are building a global banking network, fostering international collaboration and inter-community involvement
BABB will offer a bank account on the BABB platform, in accordance with the regulations of UK, available to any person or business in the world, instantly without the need for a UK address or credit history.
First of all, it is important to point out that BABB do not intended to eliminate banks from the financial equation, but rather to participate in the banking ecosystem as an alternative to countries and people who do not have access to these services.
It is a very ambitious project, but it has a well-structured team and the project seems very well thought out, as can be seen in its whitepaper.
The idea is extremely innovative because it increases the possibility of access to micro credits, within a social network, with the BABB application as a bridge between people.
The project token would have a natural demand because the token would be the "currency" used to perform transactions within the ecosystem.
Anyway, it's an ambitious project, but one that is worth noting what its destination will be ...
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